Wednesday, July 3rd saw the front-month NYMEX Natural Gas Futures Contract open at $2.269, three cents above Tuesday’s closing price of $2.240. In a relatively quiet session as the July 4th holiday loomed near, prices largely fluctuated within a penny of $2.270 through midday. Dropping to an intraday low of $2.249 as the weekly storage publication hit the wire, the contract was quick to rebound and ascend into the afternoon. Climbing to an intraday high of $2.296 near 2:20PM, August closed higher on Wednesday at $2.290.
The EIA Natural Gas Storage Report published on Thursday showed an 89 BCF injection to storage for the week ended June 28th – above the market estimate of 85 BCF. Total working gas in storage was reported as 2,390 BCF; 11.6% above this time last year and 6.0% below the five-year average.
As of 8:00AM EST this morning in Globex, WTI Crude was down 46 cents; Natural Gas was up three cents; Heating Oil was down two cents; and Gasoline was down two cents.
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